"Trades are one of those things, and we're going to continue to have conversations on the trade front. And free agency is another," Feaster told the Herald.
Feaster could target Philadelphia Flyers veteran forward Jaromir Jagr, who mentioned his desire to explore the market and might be tempted to play in Calgary alongside friend Roman Cervenka, who signed with the Flames as a former KHL player this spring.
The Flames are also most likely in the running for young free agent defenseman Justin Schultz of the University of Wisconsin, who is looking to play in Canada and become an immediate member of an NHL roster.
Other targets could include pending unrestricted free agents Matt Kassian of the Minnesota Wild, defenseman Bryce Salvador of the New Jersey Devils, St. Louis Blues blueliner Carlo Colaiacovo and Phoenix Coyotes veteran forward Shane Doan.
"We have cap space," Feaster added. "We have an ownership group that is committed to allowing us to spend to the salary cap, and so we're going to be aggressive."
The GM is willing to work hard to change the fate of the Flames, who have not made the post-season for the last three years.
"We're very busy," Feaster said. "I appreciate that there's a sense that we're just sitting here now and it's fun and games. It's not. We're not happy with where we've been in the last three years."
As for their own free agents, the Flames will need to figure out what to do with forwards Olli Jokinen, David Moss, Tom Kostopoulos, and Lee Stempniak, and defensemen Scott Hannan and Cory Sarich, who could all hit the market on Sunday.
Meanwhile, Feaster is keeping busy; working the phone lines in order to make a deal that can push the Flames back into playoff contention.
"I can tell you that as I left the draft on Saturday, I had conversations with five different teams who said, 'the things we've been talking about, we're still interested in talking about,' " Feaster says. "So we'll continue to explore the trade avenue along with free agency.
"We're busy. We want to improve our hockey team."